Market Overview for Coin98/Tether (C98USDT)

Summary
• Price action showed a failed bullish attempt with a bearish engulfing pattern near 0.0243.
• Volatility increased after 04:00 UTC with a sharp drop, but volume remained moderate.
• RSI indicated overbought conditions late, followed by a rapid sell-off into oversold territory.

Market Overview

Coin98/Tether (C98USDT) opened at 0.0239 on 2026-01-02 12:00 ET, hit a high of 0.0243, and a low of 0.0232, closing at 0.0233 by 12:00 ET the next day. The 24-hour volume totaled 6,032,395.9 units, with a notional turnover of $145,543.56.

Structure and Patterns

A bearish engulfing pattern formed near 0.0243, signaling a rejection of higher prices and bearish momentum. A key support level appears at 0.0239, where several candlesticks found temporary respite. A doji near 0.0241 also suggests indecision and potential reversal.

Moving Averages and Momentum

On the 5-minute chart, price broke below both the 20 and 50-period moving averages, confirming the bearish shift. RSI surged into overbought territory above 70 before a rapid decline into oversold levels, indicating exhausted bullish momentum and a potential short-term bottom. MACD turned negative with a bearish crossover, reinforcing the downtrend.

Volatility and Bollinger Bands

Volatility expanded after 4:00 UTC as the drop from 0.0243 to 0.0232 occurred within a compressed Bollinger Band range. The price closed near the lower band, suggesting a possible bounce or continuation depending on volume and follow-through.

Volume and Turnover

Volume increased during the sharp drop, though not exponentially, indicating a moderate bearish conviction. Turnover spiked during the 06:45 ET to 07:45 ET sell-off, aligning with the price decline. No divergence was observed between volume and price, suggesting the move was confirmed by trading activity.

Fibonacci Retracements

On the 5-minute chart, the drop from 0.0243 to 0.0232 reached 61.8% and 78.6% levels, suggesting a strong bearish impulse. The 38.2% retracement at around 0.0237 may now act as a short-term support. On the daily chart, if the prior bullish swing continues, the 50% and 61.8% levels may become relevant in the coming days.

In the next 24 hours, a rebound to test the 0.0237–0.0239 zone appears probable, but bearish continuation below 0.0232 could accelerate the sell-off. Investors should monitor volume behavior for confirmation of any reversal signals.